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Land O'Lakes tenders for up to $150 million 8¾% notes
New York, Oct. 24 - Land O'Lakes, Inc. said it has begun a modified Dutch auction tender offer for up to $150 million of its $346.234 million 8¾% senior notes due 2011.
Offers to sell will be accepted at prices from $1,040 to $1,070 per $1,000 principal amount. Land O'Lakes will accept tendered notes starting with the lowest price until it reaches a level that allows it to buy $150 million of notes. All notes will be bought at that price.
Holders will also receive accrued interest up to but excluding the date of purchase.
The offer ends at midnight ET on Nov. 21.
The Arden Hills, Minn., food and agricultural cooperative will use "excess liquidity" to fund the tender.
J.P. Morgan Securities Inc. is dealer manager (866 834-4666 or call collect 212 834-3424). MacKenzie Partners, Inc. is information agent (800 322-2885 or call collect 212 929-5500). U.S. Bank NA is depositary.
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